Towne Trust Company N.A lessened its position in Kinder Morgan, Inc. (NYSE:KMI – Free Report) by 13.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 162,307 shares of the pipeline company’s stock after selling 24,900 shares during the period. Kinder Morgan accounts for 1.7% of Towne Trust Company N.A’s investment portfolio, making the stock its 19th biggest position. Towne Trust Company N.A’s holdings in Kinder Morgan were worth $5,442,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of KMI. Norges Bank purchased a new stake in shares of Kinder Morgan during the fourth quarter worth about $1,132,125,000. AQR Capital Management LLC increased its holdings in Kinder Morgan by 431.9% during the 3rd quarter. AQR Capital Management LLC now owns 6,569,082 shares of the pipeline company’s stock valued at $185,971,000 after purchasing an additional 5,333,986 shares during the period. Merewether Investment Management LP bought a new position in Kinder Morgan during the 2nd quarter valued at approximately $138,477,000. Zimmer Partners LP lifted its holdings in Kinder Morgan by 177.8% in the 3rd quarter. Zimmer Partners LP now owns 6,070,100 shares of the pipeline company’s stock worth $171,845,000 after buying an additional 3,885,000 shares during the period. Finally, Eurizon Capital SGR S.p.A. purchased a new stake in Kinder Morgan in the 4th quarter worth approximately $85,364,000. 62.52% of the stock is owned by institutional investors.
Kinder Morgan Stock Up 0.5%
Shares of NYSE:KMI opened at $33.19 on Friday. The firm has a market capitalization of $73.84 billion, a P/E ratio of 22.27, a P/E/G ratio of 2.76 and a beta of 0.54. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.41 and a current ratio of 0.52. The stock has a 50 day moving average price of $32.16 and a 200-day moving average price of $31.10. Kinder Morgan, Inc. has a 52-week low of $25.60 and a 52-week high of $34.81.
Kinder Morgan Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, May 15th. Investors of record on Monday, May 4th were paid a $0.2975 dividend. This represents a $1.19 annualized dividend and a dividend yield of 3.6%. The ex-dividend date was Monday, May 4th. This is a positive change from Kinder Morgan’s previous quarterly dividend of $0.29. Kinder Morgan’s dividend payout ratio (DPR) is 79.87%.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the company. Zacks Research cut Kinder Morgan from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, June 23rd. Royal Bank Of Canada lifted their price target on shares of Kinder Morgan from $32.00 to $35.00 and gave the company a “sector perform” rating in a report on Monday, March 30th. Truist Financial began coverage on shares of Kinder Morgan in a research report on Tuesday, March 24th. They set a “hold” rating and a $38.00 price objective on the stock. UBS Group reaffirmed a “buy” rating and issued a $43.00 target price on shares of Kinder Morgan in a research report on Monday, June 15th. Finally, Morgan Stanley lifted their target price on shares of Kinder Morgan from $34.00 to $36.00 and gave the company an “equal weight” rating in a research note on Tuesday, March 3rd. Eight investment analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $34.71.
Get Our Latest Stock Report on KMI
Insider Transactions at Kinder Morgan
In other Kinder Morgan news, VP Michael P. Garthwaite sold 1,550 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $31.44, for a total transaction of $48,732.00. Following the completion of the transaction, the vice president owned 41,743 shares of the company’s stock, valued at approximately $1,312,399.92. This trade represents a 3.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, VP John W. Schlosser sold 6,166 shares of Kinder Morgan stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $32.41, for a total transaction of $199,840.06. Following the transaction, the vice president owned 176,540 shares of the company’s stock, valued at $5,721,661.40. The trade was a 3.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 23,148 shares of company stock valued at $749,206. 12.72% of the stock is currently owned by corporate insiders.
Kinder Morgan Profile
Kinder Morgan (NYSE: KMI) is a large energy infrastructure company that owns and operates an extensive network of pipelines and terminals across North America. Its core activities center on the transportation, storage and handling of energy products, including natural gas, natural gas liquids (NGLs), crude oil, refined petroleum products and carbon dioxide. The company’s assets include long-haul and gathering pipelines, storage facilities, and multi-modal terminals that serve producers, refiners, utilities and industrial customers.
Kinder Morgan’s operations deliver midstream services such as pipeline transportation, terminaling, storage and related logistics and maintenance.
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